FANews
FANews
RELATED CATEGORIES

Insuring your jewels and gems

26 February 2019 Aon South Africa

Sound advice to make sure your jewellery is correctly insured

Jewellery is like ice-cream. There’s always room for more! Your collection of jewellery is likely to grow over the years and represents valuable, treasured and often sentimental items that need protection from theft or loss.

Aon South Africa, insurance brokers and risk advisors, provides the following important advice to make sure your jewellery is correctly insured and should you suffer a loss, that your claims experience will go smoothly and you can recoup your loss.

• Make sure the valuation certificate is up to date - Insurers require valuation certificates that are dated prior to the loss or damage to prove the value as well as ownership of an item of jewellery. It is highly recommended to have your valuation certificates updated at least every two years and that you insure jewellery for its current replacement value.
• Insure jewellery on an All Risks basis – jewellery should be insured under the ‘All Risks’ section of your personal insurance policy. Some policies cover all risks under the household contents section of the policy, which offers worldwide cover up to certain limits for items that are taken out of the home and are worn on your person.
• Keep jewellery in a locked safe when not worn - the majority of insurance policies have a safe warranty where the insurer requires an item of high value to be kept in a locked safe when not worn. This means that if a ring worth R55,000 is left on a bedside table and the item is lost or stolen, there may be no cover.
• Insure before you leave the store - Make arrangements with your broker so that when you leave the store, your purchases are already covered. The worldwide assets all risks (WWAAR) cover automatically covers jewellery under the household contents section subject to the sum insured being adequate.
• When on holiday, be extra vigilant and lock your valuables away – travellers are often targeted by criminals as people often let their guards down when in ‘holiday’ mode. Make arrangements with the hotel or B&B for a safe to store your valuable items, and always lock up securely before you head off.
• Personal safety always comes first – just like hijackings, the likes of Rolex gangs and criminals targeting people in their driveways and homes after following them from a public place to steal their jewellery is an unfortunate reality. If you are confronted by a criminal, follow their directions, stay calm, don’t look at them and don’t try to hide or conceal any items. Remember they are likely to be on edge and stressed, so don’t provide any reason for further provocation. Remember that your personal safety trumps all material possessions, which can be replaced.

Consult with a professional insurance broker who will assist you with a proper needs analysis and explain the terms, conditions and any exclusions that may exist on your insurance policy. Your broker will ensure that you have the knowledge to mitigate your risks, and the right covers in place to ensure that you can recover if things do go wrong. While insurance cannot cover you for the sentimental loss of a special item, it will cushion the financial blow of having to replace your valuable jewellery.

 

 

 

 

 

Quick Polls

QUESTION

With regards to the COFI Bill, do you believe lumping the health and finance sector in the same basket will sustain the financial sector?

ANSWER

Yes, it forms part of the FSCA’s mandate to protect and maintain the sustainability of the financial sector, and to legislate fairness and make it the law
No, the products are different therefore the health sector should not have to be subjected to similar conduct requirements
This will cause problems. More consultations should be conducted before the final version of the COFI Bill is sent to Parliament for promulgation
A E fanews magazine
FAnews April 2019 Get the latest issue of FAnews

This month's headlines

Differences aside… in the name of fairness
Advice… now more important than ever
COFI… is this a reason to be positive?
Cyber cover: One size does not fit all
The need for member education
Subscribe now